Most Popular
-
1
Seoul Fireworks Festival ends smoothly, but leaves piles of trash
-
2
Military aircraft evacuating S. Koreans in Lebanon returns home
-
3
Yoon set for talks with Marcos in Philippines
-
4
[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
-
5
Can Jennie break the K-pop solo artist slump?
-
6
Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
-
7
[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
-
8
2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
-
9
First lady’s Dior bag scandal to be at center of Assembly audit
-
10
Firefighters’ 3,000 won meals spark nutrition concerns
-
Financial regulators issue warning to Lotte, Hana on poor customer management
Korea’s financial regulator has issued a warning to two local credit card companies -- Hana Card and Lotte Card -- ordering them to improve their customer management system, particularly with regard to money laundering.Corporate logo of Hana Card (Hana Card)This comes after the Financial Supervisory Service reviewed their operations last year and uncovered some “defects.”“We did not enforce disciplinary measures against the two card companies, but issued a warning about their systems, ordering t
March 9, 2016
-
POSCO may integrate processing centers in China
South Korea’s top steelmaker POSCO is reportedly pushing for integration of its processing centers in China by setting up a special team. “POSCO is planning to merge 12 processing centers in China into around three key divisions in order to save cost,” Money Today quoted an unnamed source as saying. “The company will first reduce the number of employees sent from headquarters in Korea instead of cutting local staff,” it reported. Currently, POSCO is operating 12 processing centers in China to pr
March 9, 2016
-
Amgen withdraws patent suit against Samsung Bioepis
U.S.-based pharmaceutical giant Amgen has withdrawn its patent infringement suit against biosimilar developer Samsung Bioepis in Canada, clearing the way for the Korean drugmaker’s entry into the North American market. Last month, Amgen Canada withdrew its prohibition order request on Brenzys, Samsung’s biosimilar replication of Amgen’s original blockbuster rheumatoid arthritis treatment Enbrel (etanercept), according to Samsung Bioepis on Wednesday.In May 2015, Samsung Bioepis had submitted an
March 9, 2016
-
Unionized pilots demand wage hike in joint protest
Asiana and Korean Air -- held a joint sit-in protest in front of Korean Air’s Seoul headquarters on Tuesday to demand pay increases at the firm. The rally was held a day after Korean Air announced it would resume pay negotiations with the union.The two sides have been locking horns over pay for months. With the two sides having failed to reach an agreement, the Korean Air pilots’ union has been protesting since Feb. 19.The pilots asked for a 37 percent raise, while Korean Air offered 1.9 percent
March 9, 2016
-
Foreigners to receive tax refund after plastic surgery
Foreigners who receive plastic surgery and aesthetic treatment in Korea will receive a value added tax refund starting next month, the health ministry said Wednesday.The tax rebate will be given at special booths installed in the country's international airports when foreign patients submit a certificate issued by authorized medical institutions or dermatology clinics, according to the Ministry of Health and Welfare.Cosmetic operations and aesthetic services including liposuction, nasal surgery
March 9, 2016
-
Korean powdered milk producers eye growing Chinese market
Korean powdered milk producers are in the midst of expanding their foothold in China, seeking to cash in on the growing popularity of imported dairy products among the increasingly health-conscious Chinese consumers, industry officials said Wednesday.The Korean milk companies also view the vast Chinese market as a new frontier to resolve their worsening inventory problems, they said. Korean powdered milk (Yonhap)Chinese purchases of foreign milk powder have grown rapidly since domestically produ
March 9, 2016
-
PyeongChang inks Olympic sponsorship deals with LG affiliates
The organizing committee for the 2018 PyeongChang Winter Olympics announced Wednesday it has signed domestic sponsorship deals with affiliates of LG Group, one of Korea's largest conglomerates.In a statement, PyeongChang said it inked agreements with Serveone for construction services and HS Ad for brand creative services in a ceremony held at the LG Twins Towers in Seoul.Serveone will build the new headquarters for the organizing committee in PyeongChang, Gangwon Province, some 180 kilometers e
March 9, 2016
-
South Korea’s hair-loss market growing fast
South Korea’s market for hair-loss-related products, including wigs, is estimated at 3 trillion won ($2.47 billion), industry sources said Wednesday, with the figure set to grow further.The number of people suffering from hair loss is estimated at one-fifth of the country’s population of 50 million, the sources said. A visitor scans catalogues at a recent convention on wigs and hair loss held in Seoul. (Yonhap)Hi-Mo, a leading South Korean maker of wigs, said its sales jumped 25.8 percent to 66
March 9, 2016
-
Hyundai Steel’s Mexico plant to start running this month
Hyundai Steel, the steelmaking unit of Hyundai Motor Group, will start operations of a plant in Mexico this month, the company said Wednesday.As soon as the plant is completed within this month, it will run a test operation before churning out cold-rolled steel plates for automobiles, according to the company.The plant is designed to meet the growing demand from automakers including Kia Motors, the largest shareholder of the steel company. Kia Motors, an affiliate of Hyundai Motor, runs producti
March 9, 2016
-
Top conglomerates to spend 5.2 percent more this year
South Korea’s top 30 conglomerates are planning to expand their investments in 2016, but spending on research will likely stay almost unchanged from a year earlier, according to a survey on Wednesday.According to the survey by the Federation of Korean Industries, the conglomerates said they plan to invest 122.7 trillion won ($101.3 billion) this year, up 5.2 percent from a year earlier.The survey showed that investment in facilities will grow 7.1 percent on-year to 90.9 trillion won.However, spe
March 9, 2016
-
LG Display to supply advanced OLED to Mercedes-Benz
LG Display will be supplying advanced organic light-emitting diode displays to Mercedes-Benz, industry sources said Wednesday.This is the first time a carmaker is adopting the advanced screen.The South Korean display maker will supply the 12.3-inch (31.2-cm) P-OLED display to the New E-Class produced by the German carmaker, according to the sources.The P-OLED paves the way for manufacturers to produce diverse designs compared to other glass-based liquid crystal displays, according to industry ex
March 9, 2016
-
Hyundai to recall Equus, Genesis sedans for wiper glitches
South Korea’s largest carmaker Hyundai Motor will recall a total of 25,441 Equus and Genesis luxury sedans for problems with their windshield wipers, the transportation ministry said Wednesday.The windshield wiper motors were found to have defects that could affect visibility in case of inclement weather, said the Ministry of Land, Infrastructure and Transport.The defect was detected in 10,978 Equus sedans produced between July 10, 2011, and June 12, 2012, and 14,463 Genesis sedans manufactured
March 9, 2016
-
Samsung C&T vows to boost profits
Samsung C&T said Tuesday that it aims to boost its revenue by 10 percent to 33 trillion won ($27 billion) this year.Samsung Group’s construction, trade and fashion affiliate revealed the goal in a letter to shareholders by its president and CEO Choi Chi-hun ahead of their meeting on Friday. “In order to repay the trust and unwavering support shareholders provided as we embarked on our new beginning, the management pledges to do everything in its power including the creation of synergy across the
March 8, 2016
-
Son of China’s richest man eyes K-pop
The only son of China’s richest man appears to be helping K-pop bands increase their presence in China. “Wang Sicong, the founder of Banana Project, has been in discussion for investments since he signed a contact with two girl groups T-ara and EXID last year,’’ a music industry insider, who wished to be identified only by his last name Cho, told The Korea Herald. Wang Sicong attends the charity event at a branch of his family’s cinema chain. China Daily Banana Project, a new Chinese show busi
March 8, 2016
-
[Newsmaker]Ugly succession battle taints Lotte founder’s legacy
Lotte Group founder Shin Kyuk-ho often used to say he dreamt of building a landmark skyscraper that represented the country’s dramatic economic achievement and cultural prosperity -- his vision behind the construction of the tallest building in Korea. However, according to industry insiders, the 123-story Lotte World Tower was actually built to glorify his own success story -- a self-made man who turned himself into a tycoon of a 90-trillion-won ($74.5 billion) business empire.Putting his legacy
March 8, 2016
-
[Photo News] SK, Saudi knowledge sharing
SK, SAUDI KNOWLEDGE SHARING -- Saudi Arabian entrepreneurs, who are visiting the SK Group-funded Daejeon Center for Creative Economy and Innovation for a six-day run, join the business model training session on Tuesday. In cooperation with SK, STC, Saudi Arabia’s biggest telecom company, offers an overseas educational program to Saudi Arabian start-ups. (SK Group)
March 8, 2016
-
Private Equity heads with chaebol links
Private equity funds have emerged as the home for new financial elites, leading the domestic mergers and acquisitions market. Boosted by a surge of capital inflow into the private equity industry, more capable financiers are joining the industry in which a merit-based wage system linked to investment outcomes is prevalent. Among a new breed of new business power elites, those standing out have a strong connection with chaebol, South Korean family-controlled conglomerates.As children of influenti
March 8, 2016
-
KT&G releases ‘This Africa’ limited-edition
KT&G, Korea’s leading cigarette manufacturer, has released the latest limited edition “This Africa” decorated with animal prints, the company said Tuesday.Named “Africa Wild,” the special packs are covered in trendy leopard and zebra prints and are on sale for just one month. Limited-edition "Africa Wild" packs (KT&G)The cigarettes themselves remain the same, coming in the existing Rula or Mola flavors with the same tar content of 5.0 mg. The company expects a positive response to the limited-ed
March 8, 2016
-
European firms don’t trust Korea’s regulatory system
European companies doing business in Korea have little confidence in the nation’s legislative and regulatory system, according to a report released Tuesday.The report, released jointly by the European Chamber of Commerce in Korea and consulting firm Roland Berger, was based on a survey of 139 European firms’ executives for two weeks in November. About 68 percent of the respondents have been doing business here for more than 10 years.The respondents picked discretionary enforcement of regulations
March 8, 2016
-
Consumer agency warns about misleading TV shopping ads
Consumers should be on the lookout for exaggerated or false advertising on home shopping networks, the Korea Consumer Agency cautioned Tuesday.The KCA reported the results of a study conducted last September through October, which showed that 82.9 percent of TV shopping advertisements claiming a “TV-only” or “lowest price guaranteed” deal were selling products that were also available through online channels or were priced higher than the lowest cost. The study included 100 broadcasts on six maj
March 8, 2016